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1
Cybersecurity Snapshot August 2016
Advisors & Dealmakers In Cybersecurity
Momentum Partners • Momentum Capital Markets
6 13
17
7
16
5 5 3 6
21
14
3
12
4 11
Cybersecurity Monthly Dashboard
Top Financing Transactions YTD Top M&A Transactions YTD
Target Acquirer Amount ($M)
4,772
1,453
600
486
360
293
275
100
$9.40 Billion M&A Volume YTD
87 M&A Transactions YTD
$3.31 Billion
Date Company Amount ($M)
1/13/16 187
7/25/16 180
6/8/16 100
2/3/16 96
1/21/16 76
1/28/16 75
7/5/16 64
8/30/16 50
Financing Volume YTD 172
Financing Transactions YTD
StackPath
Financing Activity M&A Activity
Volume ($B)
# of Deals
2015 Total: 232
2016 Total: 172
Volume ($B)
# of Deals 2015 2016
Public Comps
Max 12.7x
Max 8.8x
Min 1.5x Min 1.1x
Median 4.3x
Median 7.5x
(EV / 2015E) (EV / 2016E)
M&A Activity
2015 Total: 143
2016 Total: 87
21
26
17
11
18 8
13
5
8
15
3
10
8 5 4
40
24
23
19 19
19
17
17
13
11
10 9
7 4
Specialized Threat Analysis & Protection
Threat Intel / SecOps / IR
Identity & Access Management
Cloud Security
Data Security
Mobile Security
Endpoint Security
Fraud Prevention / Transaction Security
Application Security
Risk & Compliance
Web Security
Industrial / IOT Security
Network Security
Messaging Security
MSSP
4 8
18
2
6 3 3 1 3
13
5
2
9
2
8
232
172
2015 2016 YTD
$3.9
$3.3
2015 2016 YTD
Financing Activity
5
10
15
20
25
30
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16
Monthly Deal Count Pulse Financing
M&A
4.5x
6.9x
2015 2016 YTD
M&A EV/Rev Multiples
143
87
2015 2016 YTD
$9.4
2015 2016 YTD
$10.4
Source: Capital IQ, Crunchbase.
Date Target Acquirer Sub-Sector EV ($M) EV / Rev
08/26/16 Identity & Access
Management 11.5 10.4
08/24/16 Messaging Security 18.0 NA
08/17/16 Risk & Compliance 5.2 NA
08/17/16 MSSP 42.0 NA
08/16/16 IoT Security NA NA
08/15/16 MSSP NA NA
8/12/16 Application Security NA NA
8/03/16 Threat Intelligence NA NA
8/02/16 Identity & Access
Management NA NA
Cybersecurity M&A Strategic Deal Flow Commentary
M&A Activity
§ 9 transactions were announced with total disclosed amount of $76.7 Million
§ M&A activity for August was anemic in the month, post large acquisitions in June and July (e.g., Blue Coat, AVG)
§ Potential for September activity to jump back if large acquisition rumors (e.g., Intel Security) prove true
Financing Activity
§ 34 transactions with total disclosed amount raised of $296.1 million with a median amount raised of $7.0 million
§ LogRhythm’s $50M financing led all deals in the month – Threat Intel / SecOps / IR continue to be the most active sectors this year
§ Roughly 1/3 of deals were early stage (Seed to Series A)
§ Three Momentum ‘Watch List’ companies raised additional funding:
August Deal Flow M&A Activity Was Anemic In August, But Financing Activity Volume Increased.
3
Cyber Security Solutions Business
Date Company Select Investors Funding
Stage Amount
($M)
8/30/16 Riverwood, Adams Street, Delta-v, EDB Investments,
Exclusive Ventures, Siemens Venture Capital Venture 50.0
8/30/16 Millennium Technology Value Partners, Centana Growth Partners
Venture 15.0
8/30/16 Blumberg Capital, Wipro Ventures, Glilot Capital Partners; Blackstone
Series A 7.5
8/29/16 NIST-National Institute of Skilled Training Grant 3.7
8/25/16 Maverick Ventures, Arsenal Venture Partners, Bloomberg Beta, Data Collective, Divergent Ventures
Series A 16.0
8/24/16 Trinity Ventures, Bessemer Venture Partners, K9 Ventures,
SVB Series B 15.0
8/24/16 Datatribe Seed 1.2
8/23/16 Mahmood Sher-Jan Series A 6.2
8/23/16 SVB Debt Financing 3.0
8/23/16 NEA, Blu Venture Investors, Center for Innovative Technology
Series B 12.0
8/22/16 Bessemer Venture Partners, Blue Delta Capital, Haystack Partners, NEA, Quadrant Capital, Soros Fund
Series A 29.0
8/18/16 NA Venture 13.5
8/18/16 Trident Cyber, Peloton Equity, BlueCross BlueShield Venture, Sandbox Advantage Fund
Venture 27.5
8/17/16 eLab Ventures, Draper Associates Seed 1.5
8/16/16 NA NA 2.0
8/16/16 Equity Gap, TRI Capital, Par Equity Venture 1.7
8/16/16 Seedplus Seed 0.6
Note: Bold denotes lead investors. Source: Capital IQ, Crunchbase.
Cybersecurity Investing (VC & PE)
August Deal Flow Venture Capital & Private Equity Activity.
4
Date Company Select Investors Funding
Stage Amount
($M)
8/15/16 Salesforce Ventures, Talis Capital, Hank Vigil, Charlie
Songhurst Venture NA
8/12/16 NA Venture 1.3
8/11/16 Pelion Venture Partners, Square Peg Capital, Fenwick & West, IAG
Series B 17.0
8/9/16 NewGen Capital, Y Combinator Angel NA
8/8/16 In-Q-Tel Venture NA
8/8/16 Rally Capital, IDG Ventures, Ignition Partners Series B 10.0
8/4/16 NA Private Equity 4.0
8/4/16 CyberLaunch Seed NA
8/4/16 NA Venture 1.0
8/3/16 NA Venture 4.4
8/3/16 NA Venture 9.8
8/3/16 Paladin Capital, Sun Mountain Capital, EPIC Ventures Series A 7.0
8/2/16 Access Venture Partners, Kyrus, Noro-Moseley Partners, Service Provider Capital
Series A 6.1
8/2/16 Bessemer Venture Partners, Foundry Group, SVB, Techstars Series C 21.0
8/2/16 500 Startups Seed 0.1
8/1/16 Flint Capital, ff Venture Capital, Gigi Levy-Weiss, Glilot
Capital Partners, Leon Recanati. Series A 9.0
8/1/16 Tim Sullivan, Tim Webb Undisclosed NA
1
$21.0M
Series C Financing
August 2, 2016
$15.0M
Series B & Debt Financing
August 23, 2016
$27.5M
Venture Round
August 18, 2016
Date Stage Amount Raised ($M) Selected Investors
Aug 2016 Series C
Jun 2015 Series B
May 2014 Series A
Jan & Mar 2013 Seed
2012-2016 Debt Financing
21.0
21.0
10.0
2.0
5.1
Description
Distil Networks provides public and private cloud security software that blocks malicious bots and automated computer programs attacking Websites. Its software enables users to protect their Websites against Web scraping, competitive data mining, form spam, and click frauds. The company serves mid-market and enterprise customers worldwide.
Founders / Management
Founded 2011 HQ Arlington, Virginia Amount Raised $59.1M
Raises $21M In Series C Financing.
Company Overview Product Overview
Bot Detec(on & Mi(ga(on
Funding Summary: $59.1M
7
Dominick Fuccillo VP of Finance &
Corp Dev
Andrew Stein Chief Scientist &
Co-Founder
Engin Akyol CTO & Co-Founder
Rami Essaid CEO & Co-Founder
Courtney Cleaves Director of Marketing
Protects Leading Websites
Acquired For $10M in Jan 2016
ScrapeSentry, an MSSP, added a 24/7 SOC and team of analysts to respond to bot threats
in real-time and provide post-incident response
Acquisition Summary
API Security
Threat Intelligence
Distil’s protection leverages machine learning algorithms,
real time device fingerprinting, and the world’s largest Known
Violators Database
Distil’s API Security tracks API clients and monitors acceptable usage, acting as an automatic shield against API hijacking,
scraping, and abuse
Distil’s Threat Intelligence service delivers insights on IP addresses
gathered from thousands of organizations including consumers
& commercial ISPs
Deployment Op(ons Cloud CDN Appliance
§ Deploy in minutes on global network § Optimized content for faster delivery & less bandwidth § Increases web scalability
§ Easy installs on virtualized or metal appliances § Seamless integration with CDNs, load balancers, & network
infrastructure § Automatically obtains new bad bot fingerprints
Date Stage Amount Raised ($M) Selected Investors
Aug 2016 Venture
Jan 2016 Series A
27.5
5.0
Description
ID Experts, provides software and services to organizations for managing cyber risks and data breaches, and to consumers to protect and restore their identities from identity theft. It offers a Data Breach Response that provides digital forensics investigation, data breach notification and crisis communications, credit monitoring, identity monitoring, and health monitoring services for the U.S. organizations, attorneys, and insurers.
Founders / Management
Founded 2003 HQ Portland, Oregon Amount Raised $32.5M
Raises $27.5M In Venture Round.
Company Overview Product Overview
Funding Summary: $32.5M
8
Bob Gregg CEO
Rick Kam President & Co-Founder
Chris Kane COO / CIO
Paul O’Mara Sr. VP, Sales &
Professional Services
Doug Pollack Chief Strategy &
Marketing Officer
MIDAS is our innovative medical ID alert system. This technology serves two
purposes. It protects individuals from medical ID theft while also helping
health insurers address fraud & abuse.
Midas services include: § Protects from Medical Identity Theft-
members can review claims, keeping medical records secure
§ Detects Healthcare Fraud- alert driven model engages members as first line of defense to identify fraud
§ Engages Members for ACA Compliance- involves patients more closely in their care
§ Lowers Healthcare Cost- helps you identify and respond to fraud much earlier, thus lowering costs
Trusted Partners For Data Breach & Identity Protection
ID Experts serve all sizes and industries but specializes in healthcare and government
Health Plans Increasingly at risk from cyber intrusions, health plans are becoming proactive in
protecting their members from fraud-ID Experts solutions are unmatched
Government Largest provider of identity protection services to the federal government--Tier 1 status on the GSA Blanket Purchase Agreement for Identity
Protection Services
Trusted By:
Complete Identity Protection Medical Identity Monitoring Data Breach Response
YourResponse is a proprietary, patented methodology for analyzing and
responding to a data breach incident that results in the most positive
outcomes.
Your Response services include: § Digital Forensics- analysis on data
breaches § Data Breach Notification-quick and
exact notifications of breach
Breach Products Include: § Credit Monitoring-credit reports
from all 3 credit bureaus § Identity Monitoring- covers all
aspects of a person’s identity § Health Monitoring-monitors all
aspects of patient medical records § Cyberscan- 24/7 internet
surveillance
YourResponse™
MyIDCare is the most complete solution for protecting privacy,
bringing victims peace of mind and protecting your organization’s good
name. MyIDCare is split into two categories: § Monitoring-includes credit, cyber,
identity, and healthcare monitoring § Recovery-identities are restored to
pre-theft status
MyIDCare includes: § Single/Tri Credit Monitoring § MIDAS: Medical Identity Monitoring § Cyber & Identity Monitoring § ID Theft Insurance § Recovery Superhero § Member Services
Description
ThreatQuotient develops cyber security software that enables organizations to manage threat intelligence and defend against cyber-attacks. It offer Threat Intelligence Platform, which ingests and centralizes over 120+ feeds ranging from commercial cloudsourcing communities to malware sandboxes. The platform uses third party tools to provide insights to enrich your data with OpenDNS, VirusTotal, Threat Recon, and more. The turnkey integration of over 25 security technologies keeps your
detection system up to date with the most high risk indicators.
Founders / Management
Founded 2013 HQ Sterling, VA Amount Raised $27.2M
Raises $12M In Series B Financing and $3M in Debt Financing.
Company Overview Product Overview
9
John Czupak President and CEO
Wayne Chiang Chief Architect &
Co-Founder
Ryan Trost CTO & Co-Founder
Leonard Kurtzman CFO
Marc Solomon CMO
ThreatQ: Threat Intelligence Platform
Date Stage Amount Raised ($M) Selected Investors
Aug 2016 Debt Financing
Aug 2016 Series B
Dec 2015 Series A
Apr 2015 Seed
3.0
12.0
10.2
2.0
Funding Summary: $27.2M
Centrally manages and correlates external sources with internal security and analytics solutions for contextual
intelligence on a single screen
Automatically correlate IOCs and leverage a variety
of third party tools to provide additional insights
to enrich data
Ingest & Centralize Data Nurture Indicators Automate Deployment Enable your choice of over
120+ feeds Turnkey integrations with 25+ security technologies enables you to keep your detection systems up to date with the
most high risk indicators
Over 120+ feeds ranging from commercial cloud sourcing communities, open source intelligence blacklists, and malware sandboxes.
Return Path’s Email Fraud Protection Overview Transaction Overview
Acquires
Messaging Security $18 Million
Proofpoint Acquisition History Since 2013 Transaction Summary & Rationale
Source: Company press releases and websites, 451 Research.
HQ: Founded: CEO:
New York, NY
1999
Matt Blumberg
Date: Total Raised:
8/24/2016
$126.1M
§ Proofpoint paid $3.8 million at the close of the transaction and will spend the remaining $14.2 million over two years to complete the deal
§ “With our proprietary email threat data and technical expertise at its disposal, Proofpoint will now be fully equipped to offer the best end-to-end spear phishing solution on the market today. We are thrilled to partner with Proofpoint going forward and believe that the combined solution will be stronger for our Email Fraud Protection customers as well as a great home for the employees in our EFP division.” - Matt Blumberg, Co-Founder & CEO, Return Path
12
Proofpoint Acquires ReturnPath, Email Fraud Protection Division
Acquisition Extends Proofpoint’s Suite Of Business Email Compromise (BEC) Solutions.
Through a combination of authentication, reputation, and heuristics checks, Return Path offers complete spear phishing protection for inbound email threats (domain spoofing and
brand spoofing).
Key Features Consumer Email Fraud Protection Enterprise Email Fraud Protection
Return Path helps you block bad emails spoofing your domains before they hit customer inboxes and empowers you
to identify and respond to attacks spoofing your brand in other ways.
Provide global 24/7 support, strategic project management, and unparalleled technical expertise
Domain-based Message Authentication, Reporting & Conformance—DMARC—protocol aims to put an end to
domain-based email threats.
Managed Service DMARC
Block Inbound threats before they
hit your employees
Detect Inbound threats that make it into the employee inbox
Remediate Detected malicious email
Date Announced Target
Deal Value ($M)
Date Announced Target
Deal Value ($M)
11/3/2015 9.0 10/1/2013 23.0
3/2/2015 32.3 8/9/2013 25.0
10/23/2014 34.8 7/25/2013 2.5
5/20/2014 22.8 4/9/2013 4.5
97
98
99
100
101
102
103
104
105
106
107
7/29 8/01 8/04 8/07 8/10 8/13 8/16 8/19 8/22 8/25 8/28 8/31
60
70
80
90
100
110
120
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16
Stock Price Performance Cybersecurity Remained Steady Through August.
Note: Market data as of August 31, 2016. Source: Capital IQ.
Company Price Change (%) Company Price Change (%)
$24.86 1% $3.01 12%
$23.20 5% $133.17 2%
$76.74 0% $76.95 1%
$52.80 6% $34.40 10%
$14.36 18% $17.97 29%
$36.14 4% $14.20 4%
$3.70 31% $3.30 0%
$45.01 4% $58.24 7%
$19.21 0% $24.13 18%
$21.46 15% $35.47 13%
$16.44 49% $18.23 9%
August Stock Price Performance
LTM Indexed Stock Performance
August Indexed Stock Performance
High Growth Security
Low Growth Security
S&P 500
NASDAQ
HACK
Index
3.1%
1.1%
4.6%
-0.1%
1.0%
-1.4%
-3.7%
10.1%
-8.9%
9.1%
13
Earnings Scorecard Earnings Release Calendar And Results.
83.9 | 86.7
Cons. | Act.
0.11 | 0.20 EPS:
421.6 | 423.0
Cons. | Act.
1.07 | 1.09 EPS:
304.5 | 311.4
Cons. | Act.
0.14 | 0.14 EPS:
84.2 | 89.9
Cons. | Act.
(0.07) | 0.06 EPS:
Rev:
2Q16 1Q17
Rev:
2Q16
Rev:
2Q16 2Q16 2Q16
Rev:
2Q16
2Q16 2Q16 2Q16 1Q17 4Q16 2Q16
2Q16 2Q16 1Q17 2Q17 1Q17 2Q16 2Q16
37.8 | 38.9
Cons. | Act.
(0.16) | (0.14) EPS:
Rev:
51.2 | 54.3
Cons. | Act.
EPS:
Rev:
0.16 | 0.15
123.1 | 127.4
Cons. | Act.
Rev:
Prelim Rev Est: $104M-$106M
Acquired for $1.45B by
Acquired for $486M by
14
48.2 | 50.4
Cons. | Act.
0.19 | 0.29 EPS:
Rev: 181.6 | 175.0
Cons. | Act.
(0.39) | (0.33) EPS:
Rev:
57.8 | 57.8
Cons. | Act.
(0.21) | (0.23) EPS:
Rev: 388.9 | 400.8
Cons. | Act.
0.49 | 0.50 EPS:
Rev:
47.9 | 48.5
Cons. | Act.
0.17 | 0.20 EPS:
Rev: 36.3 | 37.3
Cons. | Act.
EPS:
Rev:
(0.24) | (0.22)
200.5 | 212.8
Cons. | Act.
EPS:
Rev:
0.03 | 0.05
877.4 | 884.0
Cons. | Act.
EPS:
Rev:
0.25 | 0.29
313.9 | 298.7
Cons. | Act.
EPS:
Rev:
0.27 | 0.21
42.7 | 43.9
Cons. | Act.
0.07 | 0.03 EPS:
Rev:
39.9 | 41.5
Cons. | Act.
(0.04) | 0.04 EPS:
Rev:
EPS:
Rev:
4Q16
Cons. | Act.
84.5 | 86.3
0.06 | 0.08
Public Company Trading Analysis High Growth & Low Growth Cybersecurity.
Note: NM – Not Meaningful, NA – Not Available; market data as of August 31, 2016; * price performance from IPO price. Source: Capital IQ.
Company Name Stock Price LTM Price
Performance Market Cap
($M) Enterprise Value ($M)
2015-16E Revenue Growth
2016E-17E Revenue Growth
EV / Revenue EV / EBITDA P / E
CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
High Growth Cybersecurity (>20% CAGR) Palo Alto Networks 133.17 (17.7%) 11,932 11,155 37.9% 32.0% 7.0x 5.3x 33.2x 21.9x 64.1x 40.4x Splunk 58.24 (2.3%) 7,739 6,718 36.8% 28.2% 7.3x 5.7x NM 55.5x NM NM Fortinet 36.14 (11.6%) 6,241 5,256 26.7% 19.2% 4.1x 3.4x 22.7x 18.1x 51.7x 41.1x Proofpoint 76.95 38.6% 3,235 3,179 36.8% 29.0% 8.8x 6.8x NM 69.1x NM NM CyberArk 52.80 5.1% 1,772 1,536 32.1% 22.4% 7.2x 5.9x 28.2x 23.3x 49.6x 41.1x Qualys 34.40 23.4% 1,217 1,002 20.6% 18.7% 5.1x 4.3x 15.6x 12.9x 43.7x 37.2x Secureworks* 14.20 1.4% 1,146 1,022 25.2% 19.6% 2.4x 2.0x NM NM NM NM Mimecast* 16.44 64.4% 896 792 21.6% 21.7% 4.8x 3.9x NM 55.6x NM NM Rapid7 17.97 (11.3%) 756 671 40.1% 26.6% 4.3x 3.4x NM NM NM NM
Mean 30.9% 24.2% 5.7x 4.5x 25.0x 36.6x 52.3x 40.0x
Median 32.1% 22.4% 5.1x 4.3x 25.4x 23.3x 50.6x 40.8x Low Growth Cybersecurity (<20% CAGR) Symantec 24.13 21.1% 14,854 11,940 6.0% 16.8% 3.1x 2.7x 9.7x 7.2x 23.7x 15.3x Check Point Software 76.74 (0.6%) 13,159 11,832 5.8% 6.0% 6.9x 6.5x 12.5x 11.7x 17.2x 15.9x Trend Micro 38.56 10.7% 4,870 3,668 22.1% 6.9% 2.9x 2.7x 9.7x 9.1x 30.1x 26.4x FireEye 14.36 (60.9%) 2,437 2,244 15.9% 16.1% 3.1x 2.7x NM NM NM NM Sophos 3.30 (19.8%) 1,494 1,729 7.4% 14.8% 3.4x 3.0x 24.8x 20.7x 10.5x 36.7x Imperva 45.01 (21.8%) 1,468 1,213 6.6% 20.4% 4.9x 4.0x NM NM NM NM AVG Technologies 24.86 9.8% 1,261 1,383 1.4% 6.9% 3.2x 3.0x 9.3x 7.8x 12.8x 11.6x Infoblox 21.46 13.1% 1,221 963 (2.6%) 13.9% 2.8x 2.4x 23.7x 13.9x 58.7x 31.0x Barracuda Networks 23.20 (10.1%) 1,209 1,047 10.5% 6.2% 3.1x 2.9x 16.8x 15.1x 39.0x 38.4x VDSI 18.23 16.2% 725 589 (13.0%) 15.3% 2.8x 2.4x 17.7x 12.6x 30.1x 21.2x F-Secure 3.70 41.7% 578 488 9.8% 6.7% 2.8x 2.6x 18.0x 14.8x 33.9x 30.1x Imprivata 19.21 (3.5%) 491 445 16.9% 16.6% 3.2x 2.7x NM NM NM NM MobileIron 3.01 (20.8%) 258 173 8.0% 12.9% 1.1x 0.9x NM NM NM NM
Mean 7.3% 12.3% 3.3x 3.0x 15.8x 12.5x 28.4x 25.2x Median 7.4% 13.9% 3.1x 2.7x 16.8x 12.6x 30.1x 26.4x
15
Momentum Partners Advisors & Dealmakers In Cybersecurity.
Why Momentum Partners? Momentum Partners is a boutique Cybersecurity focused advisory firm based in Silicon Valley with operations globally. We employ a high-touch advisory model specifically designed to serve Founders/CEOs and their Boards – Series A to exit – where we are relentless in our pursuit for better outcomes for clients. As advisors and dealmakers in cybersecurity for two decades, we have closed over 200 deals totaling $200 Billion in value.
Cybersecurity � Enterprise IT � Cloud & SaaS � Defense & Government���
Mergers & Acquisitions* � Capital Raising*������
Corporate Development � Ecosystem Development
Momentum’s Senior Cybersecurity Team Michael Tedesco Executive Chairman Founder Strategic and Capital Markets Advisor to CEOs, Founders & Boards
Eric McAlpine Managing Partner Founder Senior Advisor Cybersecurity Lead
Dino Boukouris Director Strategic Advisor Start-up Advisor VC & Private Equity
Keith Skirbe Director Strategic Advisor Mergers & Acquisitions Deep Cybersecurity Expertise
CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY
200+ Deals $200+ Billion
Petros Kitsos Senior Advisor Strategic Advisor Direct Investor and Board Member Deep Defense & Aerospace Expertise
Timothy Lipton Partner Founder Start-Up Advisor iCFO
(Rocketdyne)
17
CYBERscape: The Cybersecurity Landscape The Security Sector Is Dynamic And Vast. We Are Ceaseless & Vigilant In Our Coverage.
18 Source: Momentum Partners.
Infrastructure Security
Network Firewall Network Monitoring/Forensics
Intrusion Prevention Systems Unified Threat Management
Managed Security Service Provider Messaging Security
Application Security
WAF & Application Security
Vulnerability Assessment
Endpoint Security
Endpoint Prevention
Endpoint Detection & Response
Specialized Threat Analysis & Protection
Cloud Security
Risk & Compliance
Fraud Prevention / Transaction Security
Identity & Access Management
Web Security
Threat Intelligence
Industrial / IoT Security
Mobile Security
Security Incident Response
SIEM
Security Operations & Incident Response Data Security
15
Advise. Network. Invest. Momentum Partners, LLC���
Momentum Capital Markets, LLC
340 Brannan Street | Suite 501 San Francisco, California 94107
Michael Tedesco Executive Chairman
Eric McAlpine Managing Partner
Keith Skirbe Director
Dino Boukouris Director
*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.
Petros Kitsos Senior Advisor
Timothy Lipton Partner